Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  WM Morrison Supermarkets PLC    MRW   GB0006043169

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Wm. Morrison Supermarkets plc : Morrison's Profit Pressured by Tough Christmas

01/09/2014 | 04:06am US/Eastern

LONDON--Morrison Supermarkets PLC (MRW.LN) said Thursday that full-year profit would be at the low end of market expectations as customers cut spending over the Christmas period and it was hit by its continuing absence from the online market.

"In a very tough market our sales performance over Christmas was disappointing. However we are firmly focused on driving our core business and accelerating our penetration of the fast growing channels," Chief Executive Dalton Philips said.

In the six weeks ended Jan. 5, the U.K. supermarket chain's total sales excluding fuel were down by 1.9%. With fuel included, the figure was 3.3%. Like-for-like sales were down 5.6%, excluding fuel and 7.1% including fuel.

Analysts' forecasts put Morrison's full-year underlying profit in the range of 783 million pounds ($1.29 billion) to GBP853 million, giving a consensus figure of GBP812 million, according to data compiled by the company.

In spite of a tough market, Morrison's insisted that its profit outlook was "resilient."

It said difficult conditions were intensified by the growing importance of online and convenience shopping, where Morrison is under-represented, and by targeted couponing, which was particularly prevalent this Christmas.

The company has 85 convenience stores and aims to have 200 by the end of 2014-15, while its online food operation is ready to launch, it said.

Morrison's shares closed Wednesday at 254 pence, giving the company a market value of GBP5.94 billion.

Write to Digby Larner at digby.larner@wsj.com

React to this article
Latest news on WM MORRISON SUPERMARKETS P
08/26 Sainsbury's boosts pay on shop floor
08/26 Britain's Sainsbury's boosts pay on shop floor
08/26 WM MORRISON SUPERMARKETS : UK Regulator Tells Morrisons Not To Repeat Match & Mo..
08/26 IN THE KNOW : "Some Distance To Go" For Big Four UK Supermarkets
08/26 CRAWSHAW : Hires Alan Richardson From Morrisons As New Finance Chief
08/25DJAsda Reclaims No. 2 UK Supermarket Spot - Survey
08/25 Sainsbury Is Only Big Four Supermarket To Post Sales Growth - Kantar
08/18 Wal-Mart's British supermarket chain Asda hits 'nadir'
08/18 Supermarket chain Asda hits sales 'nadir'
08/18 Sainsbury's extends price pledge to online offer
Advertisement
Chart
Duration : Period :
WM Morrison Supermarkets P Technical Analysis Chart | MRW | GB0006043169 | 4-Traders
Income Statement Evolution
More Financials